The company’s board approved the sale of 38 million shares
to GEM Global Yield Limited and Gem Investment Advisors Inc. at
1.23 pesos a share for 19 million shares and at 1.24 pesos a
share for the rest. The board also approved the issuance of as
many as 2.8 billion shares, IPVG said in a statement to the
Philippine Stock Exchange today.

PAL Holdings Inc. (PAL PM), the owner of the Philippines’
biggest airline, gained 2.9 percent to 8.08 pesos, the highest
level since Jan. 9. Philippine billionaire Lucio Tan said he may
sell a stake in Philippine Airlines Inc. at the “right price.”
The possible sale of Tan’s stake in the carrier is a “welcome”
development that may bolster investment and improve services,
President Benigno Aquino’s spokesman, Edwin Lacierda, told
reporters yesterday.